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The months-long shoot ’em up battle between rival video-game publishers Electronic Arts and Take-Two Interactive Software could be inching toward a cease-fire.

EA yesterday said it would not extend for a sixth time the deadline for Take-Two to accept its $25.74 per share, or $2 billion, bid. At the same time, Take-Two offered to open its books for EA to conduct more due diligence.

Though the companies’ moves are being seen as little more than brinkmanship to gain leverage on price, sources noted that they could also indicate that both sides are moving away from a hostile negotiation toward a friendly one.

EA is hoping that its threat to walk away, along with its claims of being unable to integrate Take-Two before the all-important holiday season, will drive Take-Two’s stock price down to a level that would make the $25.74 offer price look attractive to investors.

Meanwhile, Take-Two thinks that providing more access to its finances plus a management presentation detailing its future prospects will convince EA to increase its offer.

So far, EA has refused to sweeten its offer, first made public in February, and in fact has lowered it by 26 cents to account for stock incentives given to Take-Two’s management.

“This is just posturing between the two parties,” said Wedbush Morgan analyst Michael Pachter.

EA shares closed down 1 percent, or 48 cents, to $47.76 in trading yesterday. Take-Two shares dropped 4.4 percent, or $1.09, to end the session at $23.75.

Despite the posturing, both companies are hamstrung by a lack of options, which has led analysts and industry observers to predict both sides will temper their demands and ultimately strike a deal.

“EA still wants Take-Two for their developer talent,” said one Wall Street source, referring to the creators of Take-Two’s wildly popular “Grand Theft Auto” and “BioShock” franchises, among others.

And according to UBS analyst Ben Schachter, though Take-Two has shopped itself to other potential suitors, ranging from videogame publisher Ubisoft to large US media companies, none appears willing to trump EA’s offer.

Conventional wisdom suggests a deal will likely be completed at $1 or $2 more than the current offer price, but after nearly six months of animosity, both sides find themselves having to tread lightly against the other.

Indeed, the sniping continued yesterday in spite of the public pleasantries.

“To say that EA blinked is a huge understatement,” said one source close to the Take-Two camp. “They finally came to their senses and realized this wasn’t going to be done their way.”

A source close to EA countered by suggesting that the company was miffed that it had to make the first overture to Take-Two. The source added that EA officials don’t want to negotiate with Take-Two’s current management team.

Though a deal would combine two of the world’s largest video-game publishers, the Federal Trade Commission is expected to give the go-ahead to a potential combination by Thursday on the condition that it divest one or more of its sports gaming franchises, with basketball or hockey being the most likely.